shared ownership mortgage need with bad credit!

NickiKilburn

Hi, can anyone please help??
My self and husband are appling for a mortgage on a shared ownership property. The share we are purchasing is £84000 we have £10000 to put down. Just over 2 yrs ago when I was on maternity we struggled to pay a couple of my husbands loan payments on time. We NEVER missed a payment completey we just paid late by about a week each time. This happened over a period of 3-4 months.
We recently got my husbands credit rating with Equifax which showed he was in arrears by 1 - 4 months!! As I have already said we never missed a payment they were only late so how can we be in arrears and also on the fourth month we paid off the loans in full years earlier than expected.
We have just been turned down by a mortgage company due to this and I need to know if anyone out there knows of any companies that will help us!! We are desperate!

MortgageMamma

Yes there are a handful of companies that could help, but your situation is not straightforward so do seek the advice of a whole of market mortgage adviser before applying elsewhere

you can find advisers in your area using yell.com if you type in mortgages, there are also sites such as www.findapro.co.uk and www.unbiased.co.uk that could help

justmaybehelp

Hi,i used to work in as a credit analyst looking after the CAIS infomation (credit account information sharing) sent to experian and equafax and by experience most companies system are full of bugs and do not match the exact criteria laid out by the credit rating agency.
Firstly do not apply for any more product that require a credit search (unless they are un avoidable) as this will reduce your credit score.
From your desciption your credit file should read 1111 not 1234. Most companies who admisnter this will have a live system where they can correct the credit file entry. To do this you can either apply for a notice of correction on your credit file or calll up direct. Be warned, calling up direct is a very labourous task with most call centre advisors unaware of this facility. Most comp don't advertise the fact they can amend credit files that quickly.
been out of the industry for a couple of years so their may be better ways

good luck